Silver Breaks Below Key Support At $25.85
Silver has finally managed to get out of the previous trading range between the support at $25.85 and the resistance at the 50 EMA at $26.25. Currently, silver is trying to settle below the support at $25.55. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.
In case silver manages to settle below the support at $25.55, it will head towards the next support level at $25.20. A move below the support at $25.20 will open the way to the test of the next support at $25.00. In case silver gets below this level, it will head towards the support at $24.70.
On the upside, the previous support at $25.85 will likely serve as the first resistance level for silver. In case silver manages to settle above this level, it will head towards the resistance at the 50 EMA at $26.25. A move above the 50 EMA will push silver towards the resistance at $26.70.
In case silver manages to settle below the support at $25.55, it will head towards the next support level at $25.20. A move below the support at $25.20 will open the way to the test of the next support at $25.00. In case silver gets below this level, it will head towards the support at $24.70.
On the upside, the previous support at $25.85 will likely serve as the first resistance level for silver. In case silver manages to settle above this level, it will head towards the resistance at the 50 EMA at $26.25. A move above the 50 EMA will push silver towards the resistance at $26.70.